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  #1  
Old 07-08-2018, 06:00 PM
jboutdoorguy jboutdoorguy is offline
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Default Investment ideas?

Is anyone on here finding success from financial investments they have made? I am looking for ideas and thought it would be good to reach out to people who actually know how to make it work. I am talking things other than 401k and the stock market. Things like rental property, mini storage, design and sell a product, online business like ebay or amazon, anything. I would like to hear any trial and error stories or success stories. It sure would be nice to start fishing more when I want not when I can. Thanks
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  #2  
Old 07-08-2018, 06:50 PM
WillowAce WillowAce is offline
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If you do your homework real estate pays off eventually. Unless you have the cash to pay for them outright don't expect it to cash flow you in the short run. Once mortgages are paid off then it is a different story.

People find ways to make a living through businesses every day, if you talk to them tell me if you find one that works less than they did before starting the business.
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Old 07-08-2018, 07:03 PM
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Farmerj Farmerj is offline
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Originally Posted by WillowAce View Post

People find ways to make a living through businesses every day, if you talk to them tell me if you find one that works less than they did before starting the business.

I had weekends and a 10 day vacation when I was a W2 employee.

now that I am self-employed, I work maybe 38-42 weeks a year. People normally get 10 days a month off for their weekends. I'm averaging 14-16 now.
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Old 07-08-2018, 09:27 PM
h8go4s h8go4s is offline
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Originally Posted by Farmerj View Post
I had weekends and a 10 day vacation when I was a W2 employee.

now that I am self-employed, I work maybe 38-42 weeks a year. People normally get 10 days a month off for their weekends. I'm averaging 14-16 now.

So you obviously either aren't a farmer or you have no livestock..........
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Old 07-08-2018, 09:35 PM
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Farmerj Farmerj is offline
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So you obviously either aren't a farmer or you have no livestock..........
Late 90's, I was working for a farmer. I was also in the army guard.

Mom had me listed under two names. farmerj for my personal email and armydude for my guard email so she could more easily recognize where I was at.

The names have been with me since.

And I now own a trucking company.

Last edited by Farmerj; 07-08-2018 at 10:10 PM.
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  #6  
Old 07-09-2018, 09:43 AM
Burr Burr is offline
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I'm not sure about taking on a side business job and being able to fish more when you want instead of when you can?

There are lots of options available - my biggest caution and advice is to carefully chose something that you have an interest in doing. Don't do it just for the money goal, or you will likely be short lived in the business and be fortunate to recoup your investment.

Then the next question is if there is anything that is a nice fit with how your life is organized right now. Do you have a skill that has a market for others to purchase?

I have a couple of duplex properties, I do enjoy it, I've never taken any money out of the business, and over time it has become a large part of my asset holdings / eventual retirement funds. But I will warn there are more properties for sale that don't work than do work financially. Over 20 years I'm just a few years from being mortgage free. But I've managed my mortgages so my payments now are just a large as they were when I had mortgages on everything. Dealing with tenants can be educational... At 90% rented rate, I can make some income. Some years the property appreciation is flat, and I've even seen it negative. Other years, property appreciation is more than my full time job. Property appreciation isn't money in you pocket until you sell.

Whatever you chose - I'll suggest you have a good understanding of what the insurance and tax costs will be. If you sell a service, self employment taxes are significant. Often insurance and taxes are your biggest expenses year after year.

Mow lawns, which can lead to landscaping, lot development, house washing, trimming shrubs, parking lot maintenance, snow removal etc.

Remodeling, construction, specialize in a small area, like tiling, flooring, sheet rock installation, finish carpentry, cabinet making, lots of options. Agriculture has some custom work options available if you are in an ag market. If you live in the country you could work with beef, swine, poultry. Just depends on where you live, what the options are, and what skills you possess or want to develop.

They all take time and effort, I seem to fish less than I used to as I have other things that demand my time. It's the opposite of what you've posted. I fish less when I want, and more when I can because my side business demands all my free time sometimes. Other times, the demands are light.

It's also nice to think about choosing something the whole family can / will participate. One it is nice to have the extra help during peak demands, but most of all, if they don't participate they will hate your sideline business because it takes you away from spending time with them. It's a big consideration. Chose something you all like, or just shoot yourself now to minimize the pain.
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Old 07-09-2018, 11:02 AM
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WallyWarrior WallyWarrior is online now
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Originally Posted by h8go4s View Post
So you obviously either aren't a farmer or you have no livestock..........


All the big farmers I know pretty much got rid of all livestock and went strictly to crop farming. They seem to have plenty of time with exception of spring and fall.


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Old 07-09-2018, 11:22 AM
Kyle Posterick Kyle Posterick is offline
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Quote:
Originally Posted by Burr View Post
Mow lawns, which can lead to landscaping, lot development, house washing, trimming shrubs, parking lot maintenance, snow removal etc.

Remodeling, construction, specialize in a small area, like tiling, flooring, sheet rock installation, finish carpentry, cabinet making, lots of options. Agriculture has some custom work options available if you are in an ag market. If you live in the country you could work with beef, swine, poultry. Just depends on where you live, what the options are, and what skills you possess or want to develop.

They all take time and effort, I seem to fish less than I used to as I have other things that demand my time. It's the opposite of what you've posted. I fish less when I want, and more when I can because my side business demands all my free time sometimes. Other times, the demands are light.

Burr is spot on here. I started a Lawn Care Company late last year, mainly because I was already doing it for a number of folks and figured I would make it legitimate. I am small fries, and only part time.


Whatever you do, a couple of things stand out to me.


Work to earn money, don't work for nothing. Best thing you can do is understand your costs.


Don't sell youself short, if you know what your doing you can easily upsell. I mow, but I upsell tilling, herbicides, pruning, and small landscaping projects. Those projects are high profit items that can easily add to the bottom line.


Like what your doing, I like to mow (odd I know) so its something I want to go out and do. If you like to finish sheetrock, let that be your jam...


Don't burn youself out - I limit the number of yards I take for mowing and snow, it keeps me sane and lets me see my family.
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Old 07-09-2018, 11:30 AM
Scott C Scott C is offline
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SFR's are nice, just don't chase the profit in c class or even low b class properties. I have a couple that are paid for, and its about as passive income as you can get. Checks in the mail each month and rarely ever any work involved..... But, it doesn't start out that way. The biggest thing is owning a nicer low maintenance property and being very particular with your tenant screening process. You can usually size people up in 1 minute and know if you want to rent to them or not. I hope to add another property a every other year for the next 10 years.
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  #10  
Old 07-09-2018, 04:46 PM
Thompmd Thompmd is offline
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We have about 25 rental units, mostly single family. I retired a few months ago at 53 and without them we wouldn't have been able to.

We run them as a very simple business and it's been good to us. We bought another last week.
Our generic goal for a purchase is rent should be 2% of the purchase price after repairs.

the key with rentals is this IMO: it's a people business and the people are by far the most difficult portion, the repairs are the easy part.

If you have specific questions just ask. Good luck and good for you .
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